can I omit the exact amount of my Required Minimum Distribution? I need to complete my taxes. I have taken the remaining amount out of the retirement account.
can I omit the exact amount of my Required Minimum Distribution? I need to complete my taxes. I have taken the remaining amount out of the retirement account.
You should report the exact amount of your Required Minimum Distribution (RMD) on your taxes. The account owner is taxed at their income tax rate on the amount of the withdrawn RMD. However, to the extent the RMD is a return of basis or is a qualified distribution from a Roth IRA, it is tax free.
For more details, you can check out the IRS RMD FAQs and scroll to #11